As Naira gains in forex markets, inflationary pressures persist

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Financial experts have attributed the recent gains of the naira to the ongoing reforms by the government after the local currency, on several occasions within the first quarter of the year, plunged to unprecedented lows. Reacting to this development, an Abuja-based commodity analyst, Yusuf Ogunbiyi, said headline inflation, as reflected in the Consumer Price Index numbers released by the NBS, continues to gallop forward despite the multiple hikes in Monetary Policy Rate .

Additionally, Mr Yusuf said other commodities such as maize, sorghum and paddy rice have also witnessed declines due to the availability of imports in the market. She noted that prices increase faster than they often drop, even when the circumstances influencing the direction of prices change.

Source: Financial Digest (financialdigest.net)

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